Ann: Presentation Noosa Mining Investor Conference, page-160

I didn’t say ALL the cash gets burned, that’s your interpretation.

IMHO, LKE don’t tend wait until the last two quarters of available funding to extend or draw down (At-market raise) on the Controlled Placement Agreement.

September Quarterly “Estimated quarters of funding available …. 26.1”

29/10/2021Quarterly Activities/Appendix 5B Cash Flow Report – September Quarter 2021

5 November 21 “the Company extended its existing Controlled Placement Agreement (“CPA”) with Acuity Capital to 31 January 2023. The funding amount has now been increased to $80 million…”

https://lakeresources.com.au/wp-content/uploads/2021/11/lke_bonus-options_5-nov-21.pdf

31 December 21 Quarterly “ Estimated quarters of funding available .. 43.6”

31/01/2022Quarterly Activities/Appendix 5B Cash Flow Report – December Quarter 2021

March 22 “$39 Million At-The Market Raise”

07/03/2022A$39 million at the market raise

Look back to see how the pattern starts and repeats.

Ponder what might happen if the MC doesn’t rise enough to enable the CPA to be extended.

Burn, draw down, extend — rinse & repeat.

DYOR